Mergers and acquisitions has been an important strategic tool used by Reliance Industries to diversify into consumer facing digital businesses from the earlier old economy focused segments.

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The company has spent over $3 billion in the last 3 years on acquiring businesses, which help it expand in areas it sees growth. Having raised more than $20 billion, Reliance’s shopping bag has just got bigger.

If one looks at the company's fund deployment, the intent is clear: tech-media-telecom so far has got the lion's share of investment at 80 percent. The energy has got a miniscule 6 percent.

In terms of funds, $1.7 billion has been allocated to TMT. Next comes retail (with a smattering of digital).

The $1.7 billion spent on TMT has been mainly used to buy R Com assets besides stakes in Den, Hathway, Eros and Balaji. Retail saw many small buyouts to build a well diversified portfolio -- NetMeds is only the latest deal for around Rs 600 crore.

“Currently, RIL offers digital consultation and diagnostic tests on its online app JioHealth Hub. The acquisition of NetMeds completes the offering with medicine delivery as well," points out Credit Suisse in its report.

British toy store-chain Hamley's, music streaming app Saavn, Haptik based on artificial intelligence have been acquired by the company in a string of acquisitions in the digital, retail space.

If media reports are anything to go buy, Reliance is not done in its buying spree. It could spend its war chest in buying of number of assets such as Future Retail, among others.